Why Revenue Matters in an Audit
Posted November 16, 2018 / No comments
For many companies, revenue is one of the largest financial statement accounts. It’s also highly susceptible to financial misstatement. When it comes to revenue, auditors customarily watch for fictitious transactions and premature recognition ploys. Here’s a look at some examples of critical issues that auditors may target to prevent and detect improper revenue recognition tactics.
Read MoreShould You Name a Trust as IRA Beneficiary?
Posted November 15, 2018 / No comments
An IRA is a popular vehicle to save for retirement, and it can also be a powerful estate planning tool. Some people designate a trust as beneficiary of their IRAs, but is that a good idea? The answer: possibly. IRA benefits The benefit of an IRA is that your contributions can grow and compound on
Read MoreIt’s Not Too Late: You Can Still Set Up a Retirement Plan For 2018
Posted November 14, 2018 / No comments
If most of your money is tied up in your business, retirement can be a challenge. So if you haven’t already set up a tax-advantaged retirement plan, consider doing so this year. There’s still time to set one up and make contributions that will be deductible on your 2018 tax return! More benefits Not only
Read MoreMutual funds: Handle With Care at Year End
Posted November 13, 2018 / No comments
As we approach the end of 2018, it’s a good idea to review the mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps. Here are some tips. Avoid surprise capital gains Unlike with stocks, you can’t avoid capital gains on mutual funds simply by holding on to the shares.
Read MoreBuy Business Assets Before Year End to Reduce Your 2018 Tax Liability
Posted November 12, 2018 / No comments
The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of the tax year. That means there’s still time to reduce your 2018 tax liability
Read MoreReview and Revise Your Estate Plan to Reflect Life Changes During the Past Year
Posted November 9, 2018 / No comments
Your estate plan shouldn’t be a static document. It needs to change as your life changes. Year end is the perfect time to check whether any life events have taken place in the past 12 months or so that affect your estate plan. And the plan should be reviewed periodically anyway to ensure that it
Read MoreOffering COBRA to a terminated employee’s domestic partner
Posted November 9, 2018 / No comments
Many employers offer coverage to employees’ domestic partners under their health care plans. If your organization does so, you need to determine what rights domestic partners have regarding COBRA insurance. General principles One common question for employers is whether terminated employees may elect to continue COBRA coverage for their domestic partners. The answer is yes;
Read MoreLIFO Lessons Learned
Posted November 8, 2018 / No comments
You have choices when it comes to reporting inventory costs. One popular technique — the last-in, first-out (LIFO) method — assumes that merchandise is sold in the reverse order it was acquired or produced. That is, it allocates the most recent costs to the cost of sales. Although this method is often preferred for tax
Read MoreTime for NQDC plan deferral elections
Posted November 6, 2018 / No comments
If you’re an executive or other key employee, your employer may offer you a nonqualified deferred compensation (NQDC) plan. As the name suggests, NQDC plans pay employees in the future for services currently performed. The plans allow deferral of the income tax associated with the compensation. But to receive this attractive tax treatment, NQDC plans
Read MoreIntellectual Property Requires Careful Estate Planning
Posted November 5, 2018 / No comments
If your estate includes forms of intellectual property (IP), such as patents and copyrights, it’s important to know how to address them in your estate plan. Although these intangible assets can have great value, in many ways they’re treated differently from other property types. 2 estate planning questions For estate planning purposes, IP raises two
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